Category: Business

Information regarding the business sector

Magazine Luiza approves funding of $ 160 mn

Magazine Luiza, the largest retail group in Brazil, with a value of R$ 62 billion ($ 12,4 billion) on the stock exchange, announced a plan to overcome the crisis caused by the new coronavirus. The first measure was the approval, by the board of directors, the issue of R$ 800 million ($160 million) in debentures. The statement does not clarify whether there is already a timetable for this operation.

Corn’s VBP should grow 14.52% to $ 2.7 bn

The Gross Production Value (VBP) of maize from Mato Grosso is expected to reach R$ 13.48 billion ($ 2.7 billion) in 2020. The value, if confirmed, will represent an increase of 14.52% in relation to the previous year. “This increase in the estimate is mainly due to the better price levels and expectations of an increase in the area cultivated with cereal,” Imea said in a bulletin.

Embraer proposes 25% salary reduction

Embraer presented proposals to reduce work hours and wages, in addition to the adoption of layoffs for part of the workers. The measures are to face the crisis of the new coronavirus. According to the Metalworkers Union, the proposal presented by Embraer, employees working at home will have their working hours and salary reduced by 25%. The reduction will be for three months, with proportional stability.

Federal MP allocates $ 6.8 bn to finance company salaries

The federal government created an emergency credit line of R$ 34 billion ($ 6.8 billion) to finance the payment of salaries for small and medium-sized companies for two months. In return, employees cannot be dismissed in the period. The program was signed by President Jair Bolsonaro by provisional measure published on Friday, 3, and republished on Saturday, 4, with a correction in the text.

Braskem record loss of $ 584 million

Braskem recorded a net loss attributable to shareholders of R$ 2.922 billion ($ 584 million) in the fourth quarter of 2019 against losses of R$ 78 million ($15.6 million) in the same period of 2018. In the consolidated for 2019, the loss was R$ 2.798 billion ($ 559 million), against a profit of R$ 2.867 billion ($573 million) in the previous year.

Ultrapar reinforces liquidity by $ 300mn

The Ultrapar group cut its investment projection in 2020 by 30% and cancelled earnings estimates for this year in view of the uncertainties generated by the coronavirus pandemic. The company also said that it reinforced its liquidity position by R$ 1.5 billion ($300 million), according to a relevant fact material published on Wednesday.

Even will repurchase up to 4.139 million shares

Even will repurchase up to 4.139 million shares outstanding on the market, according to a statement sent to the market on Wednesday. The amount corresponds to 2% of the total on the Exchange. The company believes that the operations will maximize the generation of value for shareholders, since, in the view of management, the current value of its shares does not reflect the real value of its assets and the prospect of profitability and generation of results.